Given public pressure for accountability and transparency, and donor expectations of responsible organizational performance, audit committees are being held to an ever higher standard and are becoming much more critical to organizations’ success. In this presentation, we will describe the key responsibilities for audit committees in the not-for-profit sector, focusing on oversight of financial reporting and controls, monitoring of risk, and oversight of audit and compliance activities. The presentation will also describe desired composition, attributes, and characteristics of effective audit committees, and explore the relationships with management, the board, and internal and external auditors.
- To clarify the key roles and responsibilities of audit committees as part of an organization’s governance structure
- To understand the role of management and auditors in the conduct of a high functioning audit committee
- To identify key business issues that audit committees are likely to need to address to perform their responsibilities effectively